The DAX Index declined for a third day, spearheaded by Deutsche Bank AG as financial stocks tumbled across Europe. Porsche AG may delay raising its stake.

The DAX Index declined 41.94, or 0.5 %, to 7,807.55. DAX futures expiring in December lost 35, or 0.4 %, to 7,847 at 5:43 p.m. in Frankfurt. The HDAX Index of the country's 110 biggest companies decreased 0.6 %, Bloomberg reported.

Volkswagen dropped 4.08 euros, or 2.1 %, to 187.01 euros. Porsche, the biggest shareholder in Europe's biggest carmaker, may delay raising its stake to more than 50 %, Der Spiegel reported. While Porsche has options that would make a purchase cheaper, Chief Financial Officer Holger Haerter would rather wait for VW shares to decline and in addition make a profit from the options, Spiegel said.

The automaker got to use Volkswagen brake shoes. Something has to put a halt to the present doldrums.

Citigroup Inc. said it may have additional writedowns of as much as $11 billion on subprime-related investments. “Citigroup has made quite clear that the subprime problems are not solved yet and investors are still worried about the extent to which it may affect the financial sector,'' said Oliver Opgen-Rhein, a trader at HSBC Trinkaus & Burkhardt AG in Dusseldorf. “I believe that there is another bumpy week ahead of us.''

Arcandor is also a casualty to the decline. The company’s shares dropped as much as 3.9% before the statement on speculation that the company would lower forecasts, said Thomas Nagel, a trader at Equinet AG in Frankfurt.

“We strongly deny such speculation as our business is very healthy,'' said Arcandor spokesman Joerg Howe.

How bad is the decline? Bloomberg reports:

Arcandor AG (ARO GY) fell 49 cents, or 2.3%, to 21.06 euros. The owner of Germany's biggest department-store chain said third-quarter operating profit rose as sales growth accelerated at the Primondo mail-order unit.

Beate Uhse AG (USE GY) plummeted 19 cents, or 7.2%, to 2.46 euros. The operator of Europe's largest chain of sex shops forecast an annual loss, saying it expects to spend as much as 10 million euros on a ``radical rejuvenation'' of its business this year.

CeWe Color Holding AG (CWC GY) lost 1.52 euros, or 5%, to 28.95 euros. Europe's largest independent photograph developer cut its forecast for pretax profit, citing increased costs for the company's annual general meeting. CeWe reduced its pretax profit forecast to 11.8 million euros from 14.5 million euros.

The company also said third-quarter earnings before taxes rose 7.9% to 21.9 million euros, up from 20.3 million euros a year earlier. It didn't give a reason for the gain.

Dyckerhoff AG (DYK GY) gained 21 cents, or 0.5%, to 44.10 euros. The German cement maker bought by Buzzi Unicem SpA of Italy said nine-month profit soared 75% to 180 million euros ($261 million) on demand in Europe and higher prices for ready-mixed concrete.

European Aeronautic, Defence & Space Co. (EAD GY) tumbled 87 cents, or 3.8%, to 22.02 euros. The parent of Airbus SAS said it will book expenses of as much as 1.4 billion euros because of delays to the delivery schedule for its A400M military transport plane.

Solarworld AG (SWV GY) shed 2.04 euros, or 4.4%, to 44.37 euros. Germany's second-largest solar-energy company said profit more than halved to 30.6 million euros in the third quarter.

Thielert AG (T3C GY) lost 1.02 euros, or 6.4%, to 14.99 euros. Citigroup cut its price projection on shares of the maker of propeller engines for aircraft to 22 euros from 28 euros.